# Placebo / Permutation Tests (Z_1)

| Dep Var | Real Z_1 Coef | Perm Mean | Perm SD | Perm p-value | Sig | N perms |
|---|---|---|---|---|---|---|
| log(patents) | -6.9098 | 0.0007 | 0.0066 | 0.0000 | *** | 1000 |
| High-tech exports % | -75.2644 | 0.0030 | 0.1050 | 0.0000 | *** | 1000 |